XPENG and the Volkswagen Group Announce Entry into Framework Agreement on Strategic Technical Collaboration and Strategic Minority Investment by the Volkswagen Group in XPENG

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Go back to XPENG and the Volkswagen Group Announce Entry into Framework Agreement on Strategic Technical Collaboration and Strategic Minority Investment by the Volkswagen Group in XPENG

Western OEMs look to cut costs in fight against Chinese EV 'invasion'

July 27, 2023 2:31 PM EDT

French car maker, Renault announced Thursday that the company was aiming to cut its EV production costs by 40%, as growing fears of an "invasion" of cheap Chinese electric cars threaten western automakers.

CFO, Thierry Pieton, expressed that the most effective strategy against price competition is to reduce the company's own development and manufacturing expenses.

Although the goal to decrease costs by 40% is aimed for 2027 and beyond, CEO Luca de Meo stated that the group anticipates considerably lower production costs starting from the latter half of this... More

XPeng (XPEV) and Volkswagen enter $700M strategic EV partnership and share agreement

July 26, 2023 10:06 AM EDT

Chinese electric vehicle maker, XPeng (NYSE: XPEV) announced alongside Volkswagen that the two automakers have entered into a strategic technical collaboration and share purchase agreement. This move will facilitate a strategic minority investment by the Volkswagen Group in XPeng.

The agreement involves the issuance of Class A ordinary shares, representing approximately 4.99% of XPeng's outstanding share capital immediately after closing, to the Volkswagen Group. These shares are priced at... More